Maravai LifeSciences (MRVI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $65.8M, up 41% year-over-year, with base business (excluding COVID-related CleanCap) growing 10% and TriLink base revenue up 15%; Cygnus revenue increased slightly over 1% with strong demand in North America and EMEA.

• Adjusted EBITDA improved to $20.3M, a year-over-year increase of over $30M, and positive free cash flow of $4.2M was generated, the first since Q3 2024.

• Net loss narrowed to $6.4M from $52.9M in the prior year quarter; adjusted EPS was $0.01 versus a loss of $0.08 last year.

• Structural improvements and operational excellence initiatives are delivering over $65M in annual EBITDA savings and margin expansion.

• Q1 2026 revenue was boosted by a $14.3M high-volume CleanCap order for COVID-19 vaccine programs, which is not expected to recur in subsequent quarters.

Financial highlights

• Adjusted gross margin was 65.3%, up from 41.0% year-over-year; gross margin (GAAP) was 51.2%, up from 16.5%.

• GAAP net loss before non-controlling interest was $6.4M, a significant improvement from $52.9M loss in the prior year.

• Adjusted EBITDA improved by over $30M year-over-year to $20.3M.

• Basic and diluted loss per share was $0.02, compared to $0.21 loss per share in Q1 2025; adjusted EPS was +$0.01.

• Ended the quarter with $165.9M in cash and $242.9M in long-term debt after a $50M voluntary debt repayment.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $205M–$215M, representing 10%–16% growth over 2025.

• Full-year adjusted EBITDA guidance increased to $30M–$32M, up $61M–$63M year-over-year.

• CleanCap COVID-19 revenue guidance updated to $14.3M; no further high-volume CleanCap orders for commercial COVID-19 vaccine programs are anticipated for the remainder of 2026.

• TriLink expected to grow in the high teens, driven by GMP consumables and discovery recovery; Cygnus expected to see low to mid-single digit growth.

• Management expects Q1 2026 to be the highest revenue quarter of the year due to the non-recurring CleanCap order.